FURUKAWA CO., LTD.
Financial Results Briefing for the Second Quarter Ended September 30, 2021
November 26, 2021

Event Summary[Company Name]FURUKAWA CO., LTD.

[Company ID]

5715-QCODE[Event Language]

JPN[Event Type]Earnings Announcement[Event Name]

Financial Results Briefing for the Second Quarter Ended September 30, 2021

[Fiscal Period]

FY2021 Q2[Date]

November 26, 2021

[Number of Pages]

23[Time]

10:00 – 10:31(Total: 31 minutes, Presentation: 31 minutes, Q&A: 0 minutes)[Venue]Webcast[Venue Size][Participants][Number of Speakers]

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Minoru Nakatogawa

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Presentation
Nakatogawa: I am the President of FURUKAWA Co., Ltd., Nakatogawa.
In order to prevent the spread of COVID-19, we have decided to cancel the financial results briefing for Q2 ofthe fiscal year ending March 31, 2022, which was scheduled to be held. Instead, we decided to provide our
explanations via video recording. Thank you for your understanding.

Before I explain the financial results, I would like to make a few remarks.
In June this year, I took over the traditional position of President of FURUKAWA from former President
Miyagawa. In line with our previous management policy, we will provide products and services that arerecognized for their value in the marketplace and solve the problems faced by our customers, thereby
increasing the corporate value of the Group and achieving sustainable growth.
I will explain the issues to be tackled and the measures to be implemented later, but first I would like to talkabout the kind of company I want FURUKAWA to become.
First of all, we are a company that continues to change. Former President Miyagawa has continued to appeal
to his employees for change, and he himself has put it into practice. That approach will not change. We believethat change is never-ending and must be continued.
We will work with a sense of speed to promote management that can flexibly respond to unforeseen businessenvironments and market trends, such as the recent pandemic.

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We also want to make the Company a rewarding place to work for our employees. I believe that a company
with a good work ethic is one where employees can be actively involved in their work and feel fulfilled in theirwork.
We recently conducted an employee awareness survey. We will also refer to the results and change whatneeds to be changed. We want to make our company a bright and cheerful place, where employees can work
enthusiastically, and the atmosphere is vibrant.
I believe that management must clearly indicate to employees the direction that the Company should takeand put it into practice by the president. We believe that if all of our employees move in the direction weshould be heading, our business performance will naturally expand and our corporate value will increase, andwe will work diligently to achieve this.

As for today's presentation, first, I will explain the financial results for Q2 of the fiscal year ending March 31,
2022 and the full-year earnings forecast for the fiscal year ending March 31, 2022. Next, I would like to explain
the measures we are taking to strengthen our business structure.

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3This is a summary of the financial results for Q2 of the current fiscal year.
Net sales increased by JPY22.6 billion to JPY97.8 billion, and operating income increased by JPY2 billion to
JPY3.4 billion. However, compared to the previous quarter, when a JPY4.071 billion gain on sales of investment
securities was recorded as extraordinary income, profit attributable to owners of the parent decreased by
JPY2.5 billion to JPY2.3 billion.
The details will be explained later.

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As for the business results by segment for Q2 of the current fiscal year, net sales increased in both themachinery and materials businesses. The machinery business as a whole increased by JPY5.6 billion to JPY38.6
billion. The materials business as a whole increased by JPY17 billion to JPY57.7 billion.
Operating income increased with the exception of the Industrial Machinery, UNIC Machinery segment, andthe Real Estate business. The machinery business as a whole increased by JPY400 million to JPY2 billion. The
materials business as a whole increased by JPY1.5 billion to JPY1 billion.
For reference, the backlog of orders in the Industrial Machinery segment is JPY9.1 billion, and in addition to
new bridge construction in Kyoto Prefecture, we have received orders for belt conveyors and other equipment
for the construction of the tunnels for the central linear shinkansen in Shinagawa Ward and the Shin-Kobotoke
Tunnel on the Chuo Expressway.
The impact of metal price fluctuations on operating income in the Metals segment was a positive JPY620
million for copper and a positive JPY80 million for gold, resulting in a profit of JPY740 million due to priceimpact.

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Next, I will explain the YoY increase/decrease in net sales and operating income by segment and the main
factors behind this change.
In the Industrial Machinery segment, sales increased due to sales corresponding to volume in material
machinery and belt conveyor projects. However, profits decreased due to lower sales of parts for material
machinery and an increase in SG&A expenses.
In the Rock Drill Machinery segment, both sales and profits increased as a result of higher sales of tunnel drill
jumbos, hydraulic crushers, and hydraulic crawler drills in Japan, and a significant increase in shipments ofhydraulic crawler drills and hydraulic breakers overseas, mainly for North America.
In the UNIC Machinery segment, domestic sales increased due to a recovery in the willingness to invest amongwide-area rental companies and industrial sales companies, which had restrained capital investment in theprevious fiscal year. Overseas, although shipments of UNIC cranes increased for China, shipments of minicrawler cranes decreased for North America due to a delayed market recovery caused by a shortage ofbuilding materials, and freight rates soared due to a shortage of containers, resulting in increased sales anddecreased profits. In absolute amounts, operating income was JPY1.3 billion, leading the machinery business.
The Metals segment achieved a significant increase in both sales and profits, mainly due to a significant risein the price of electrolytic copper. Excluding the JPY700 million profit from price impact, the operating loss
will be about JPY300 million.
In the Electronic segment, sales of high-purity metallic arsenic for compound semiconductors were strong,while sales of crystal products and coils for the automotive industry and other applications increased, anddemand for aluminum nitride ceramics increased for usage in thermal countermeasure components and forsemiconductor manufacturing equipment components. As a result, sales and profits increased.
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In the Chemicals segment, both sales and profits increased, mainly due to higher unit sales prices for both
cupric oxide and cuprous oxide, mainly due to higher copper prices and increased demand for cupric oxide for
substrates, although demand for cuprous oxide for repair ships decreased due to the effects of COVID.
In the Real Estate business, rent was reduced or exempted for some commercial tenants in commercial
facilities due to the impact of COVID but remained at the same level as the same period of the previous year
due to an increase in the number of office tenants.
Compared to the forecast announced in May, operating income increased from JPY2.5 billion to JPY3.4 billion.

This is the consolidated income statement.
Major topics are as described here, but operating income and profit attributable to owners of the parent
decreased by JPY2.5 billion to JPY2.3 billion. This is due to the fact that the operating income and below wereaffected by the recording of a gain on the sale of investment securities in the previous fiscal year, which was
aimed at the effective use of assets and the improvement of financial soundness, as well as the recording ofexpenses for the progress of demolition of the FURUKAWA Osaka Building as an extraordinary loss.

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7This is the consolidated balance sheet.
Total assets decreased by JPY400 million to JPY217.8 billion and net assets decreased by JPY40 million to
JPY94.3 billion. Interest-bearing debt was JPY69.7 billion, unchanged from the end of the previous fiscal year.

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8Next, I will explain our full-year earnings forecast for the fiscal year ending March 31, 2022.
Net sales have been revised to JPY196.9 billion, operating income to JPY7.5 billion, ordinary income to JPY7.7
billion, and profit attributable to owners of the parent to JPY5 billion.
Net sales and operating income are expected to increase, with operating income for the Machinery businessas a whole rising JPY1.6 billion YoY to JPY5.6 billion, accounting for 75% of the consolidated total of JPY7.5
billion.
Ordinary income increased despite a deterioration in non-operating income compared to the previous fiscal
year, when foreign exchange gains contributed to the increase. Profit attributable to owners of the parent is
expected to decrease compared to the previous fiscal year, when a gain on sales of investment securities wasrecorded.
As a result, ROE worsened by 3.6 percentage points and is expected to be 5.3% this fiscal year.
Copper price and exchange rate assumptions and exchange rate sensitivity are described in the table
underneath.
The Company plans to maintain the dividend at JPY50 per share.

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9This section explains the full-year forecast by segment and the reasons for changes from the previous year's
results.
Net sales are expected to increase in all divisions.
Operating income is expected to increase overall, with higher profits expected in the Rock Drill Machinery,
Electronics, and Chemicals segments, despite lower profits in the Industrial Machinery, UNIC Machinery, andReal Estate segments.
In the Industrial Machinery segment, sales are expected to increase for bridges, large-scale projects, andmaterial machinery, but operating income is expected to decrease due to the contribution of highly profitablebridge projects in the previous fiscal year and lower sales of parts in material machinery.
The Rock Drill Machinery segment is expected to return to profitability from the previous fiscal year, when it
posted an operating loss, due to an expected increase in sales and profits in Japan and overseas, mainly inNorth America.
Although the UNIC Machinery segment is expected to see an increase in sales both in Japan and overseas,
profits are expected to decrease due to the impact of higher steel prices and soaring freight rates caused bycontainer shortages.
In the Metals segment, sales of electrolytic copper increased due to the assumption of copper price of
USD9,271 per ton, up USD2,392 from the previous fiscal year. Sales of electric gold are also expected toincrease due to higher volume. Operating income is expected to be at the same level as the previous fiscal
year, mainly due to price gains from higher overseas market prices in the first half of the fiscal year.

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In the Electronics segment, sales and profits are expected to increase on the assumption of increased demandfor crystalline products and aluminum nitride ceramics. The Chemicals segment is expected to increase sales
and profits due to higher copper prices for cupric oxide and cuprous oxide.

Next, I would like to explain the difference between the earnings forecast announced in May and the one
announced this time.
Net sales have been revised upward by JPY12.5 billion to JPY196.9 billion, and operating income has beenrevised upward by JPY900 million to JPY7.5 billion.
We expect an increase of JPY1.1 billion in the Metals segment, reflecting price gains in the first half of the
fiscal year, changes in copper price and foreign exchange assumptions for the second half of the fiscal year,
and an improvement in outsourced smelting earnings due to lower copper production.

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The graph shows the forecast by segment and the change from the previous announcement.
In the Industrial Machinery segment, net sales are expected to remain unchanged from the previous
announcement, but operating income is expected to decrease due to lower sales of parts for material
machinery.
The Rock Drill Machinery segment is expected to increase both sales and profits due to firm demand overseas,
especially in North America, despite a slight decrease in sales in Japan.
Although there are concerns about delays in crane erection due to a shortage of trucks, the UNIC Machinery
segment expects a slight increase in revenue due to increased demand from wide-area rental companies andindustrial sales, but profits are expected to decrease due to higher steel prices and higher freight rates caused
by a shortage of containers.
As explained on page 11, we expect a significant increase in both sales and profit in the Metals segment.
In the Electronics segment, sales and profits increased due to strong demand for aluminum nitride ceramics
for thermal countermeasure components and semiconductor manufacturing equipment components, as well
as stable demand for crystal products and high-purity metallic arsenic.
In the Chemicals segment, sales and profits are expected to increase due to higher sales of cupric oxide andcuprous oxide, mainly as a result of higher copper prices.

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The forecast for the current fiscal year for actual capital investment, depreciation and amortization, andresearch and development expenses is as shown.
The amount of capital investments significantly increased in the Industrial Machinery segment in the previous
year, mainly due to the construction of a new office building at Oyama Works.

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The status of metal products, foreign exchange rates, and employees is as described.
In the Metals segment, we have been reviewing our consignment ratio at the joint smelter and have been
gradually reducing our copper production. In FY2023, we are on track to reduce the amount to at least 70,000
tons per year.

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For reference, the following table shows the long-term performance of the Company.
This was the explanation of the Q2 results and full-year forecasts.

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Next, I will explain the measures we are taking to strengthen our business structure.
We have positioned FY2022and FY2023 as a period to focus on the early recovery of the Group's performanceby strongly promoting the strengthening of our business structure.
In particular, we are focusing on 3 priority issues: strengthening and restructuring of overseas marketing
capabilities in the Rock Drill Machinery segment, fundamental review of the consignment smelting businessin the Metals segment, and realization of the future concept of the FURUKAWA Osaka Building in the Real
Estate business. There is nothing that we can disclose at this time regarding the Metals segment and the Real
Estate business, but we are proceeding with our studies.
In this issue, we would like to focus on the 3 segments of the machinery business, the Electronics segmentfrom the materials business, and sustainability, and explain the key points of the measures taken tostrengthen our business structure.

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The Industrial Machinery segment is strengthening sales of belt conveyor systems as a method of transporting
earth and sand that reduces environmental impact.
We are strengthening our proposals for long-distance flat belt conveyors and SICON® enclosed hanging
conveyors that improve conveying efficiency while taking the surrounding environment into consideration forour target markets of disaster prevention and mitigation, urban civil engineering, and the private sector.
For example, the number of dams in the upper reaches of rivers that require removal of accumulated
sediment for flood countermeasures is increasing, and there are plans to review dam functions and even build
new dams in the future. We have received several consultations on whether belt conveyors can be used totransport large amounts of earths, sands, and aggregates over steep terrains.
In addition, there are plans to construct control reservoirs in the middle reaches of rivers, reinforce levees in
the lower reaches of rivers, and in urban civil engineering, construct deep shield tunnels and expand airports.
The potential of belt conveyors is increasing as a method of transporting the large volumes of earths andsands generated by each company.
Under these circumstances, we are strengthening our efforts to collect information from consultants invarious fields, dams, tunnels, roads, disaster prevention and mitigation, and general civil engineering
contractors, as well as from maritime contractors who are strong in marine engineering.
We will increase the number of orders for our differentiated product, the SICON® enclosed suspended
conveyor, by observing actual equipment and cooperating in its design.

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The Rock Drill Machinery segment is undergoing reforms to shift its focus from volume to profit in order tostrengthen and rebuild its overseas marketing capabilities. Specifically, we aim to achieve early improvementin profitability through centralized production and sales of mainstay models, creation of the Southeast Asiancrushed stone market, and strengthening of Life Cycle Support. To this end, we have implemented areorganization on October 1, 2021.
Overseas markets are classified into 3 categories: markets to attack, markets to create, and markets toconsolidate and eliminate, and implementation measures are being formulated for each.
Our target markets to attack are North America and Europe. It will be developed via overseas subsidiaries.
In North America, in order to expand sales of large-sized machines for both hydraulic crawler drills andhydraulic breakers, we will narrow down the models of hydraulic crawler drills and concentrate on sales ofthe HCR1550, which is the main large-sized model. In the area of hydraulic breakers, sales of the newly
introduced large hydraulic breaker Fxj770 have been strong, and we are confirming demand for ultra-large
machines and conducting market research. As for Life Cycle Support, we will continue and expand themaintenance business, which provides a menu of parts replacement and maintenance services for rentals.
In Europe, we will strengthen sales with a focus on medium and large hydraulic breakers and implement
measures for dealers. For hydraulic breakers, we will reorganize our dealer network in priority countries andcollaborate with construction equipment manufacturers.
For hydraulic crawler drills, we will limit sales regions and models to focus on profitability and strengthen
support for sales in Africa. Life Cycle Support will provide extended warranty and parts set sales for hydraulicbreakers.

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The market to be created is Southeast Asia. We will work to create a crushed stone market through direct
trade.
We will introduce attachment drills that can be mounted on hydraulic excavators to appeal the performanceand superiority of FURUKAWA’s hydraulic rock drills to users of pneumatic crawler drills, in order to inducethem to switch to hydraulic drills. In addition, we will shift our distributor policy from exclusive distributors tomultiple distributors by customer segment. In the area of Life Cycle Support, in addition to extended
warranties, we will work to strengthen parts sales through dealer support.
The markets to consolidate and eliminate are China, India, and South America. We are considering theconsolidation and elimination of our overseas subsidiaries in China, India, and Panama.

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In the UNIC Machinery segment, I will explain the overseas market environment and countermeasures byusing 2 categories: UNIC cranes, which are truck-mounted cranes, and mini-crawler cranes.
Chinese manufacturers of UNIC cranes are gaining ground in Southeast Asia and the Middle East. Chinese
manufacturers have a poor reputation for after-sales service, so we will take measures to improve customer
satisfaction by strengthening the technology and service capabilities of our dealers for customers who value
this.
Also, low-cost Korean and Chinese manufacturers are improving their quality and increasing their presence inthe market. In response to this, we will develop cranes with equipment that meets customer needs anddifferentiate ourselves from the conventional simple models that lack various options in order to compete on
price.
On the other hand, in Russia, the Philippines, Vietnam, Indonesia, and other countries, the demand for large
equipment that is not part of the Japanese UNIC crane lineup is increasing, and we will respond to this demandwith large equipment manufactured at Taian FURUKAWA in China.
As the market share of mini-crawler cranes is expanding among European manufacturers, we will develop andsell new models equipped with equipment and originality in line with customer requirements. In addition, as
product trends are shifting to multi-functional and electric models, we will continue to expand the functionsof current models to maintain our market share, enhance optional equipment, and introduce AGM battery
models to the market.

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For the Electronics segment, I will explain the strength of aluminum nitride products and the future direction.
In recent years, the demand for heat dissipation components has been expanding due to the increasing
integration, miniaturization, and thinning of electronic devices. In particular, aluminum nitride, an excellent
heat-dissipating insulator with properties such as high thermal conductivity, insulation, heat uniformity, andcorrosion resistance, has been in increasing demand, although it is expensive.
We have a system in place for molding, sintering, and processing powdered aluminum nitride materials, andwe manufacture components, substrates, and fillers that serve as heat dissipation components.
Our strength lies in our accumulated sintering technologies, such as sintering time and temperature control,
which determine the quality of our products. With our unique technology and know-how, we are able tomanufacture products with uniform thermal conductivity and insulation, as well as the world's largest-sizedlarge components with less warping, cracking and discoloration during firing, and are recognized as analuminum nitride manufacturer in the fine ceramics industry.
We are currently developing high-grade, high thermal conductivity components with a thermal conductivityof 250 watts, which surpasses the world's highest thermal conductivity products of 230 watts, and sinteredsubstrate products, aiming to sell them during fiscal 2022.

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Finally, I will explain the measures to be implemented for realizing sustainability.
We have formulated a basic policy on sustainability initiatives and will begin implementing these initiatives inline with the policy beginning from December 1, 2021.
The basic policy is “The Furukawa Company Group has positioned efforts toward sustainability as one of its
most important management issues. In addition to contributing to help realize a sustainable society, theGroup is committed to achieving sustainable growth and increasing mid-to-long-term corporate value by
establishing a robust corporate foundation for growth and resolving social issues through its business.”.
The initiatives to realize this basic policy, we divide sustainability into “Defensive” and ”Aggressive”.
Defensive sustainability is “Establishing a robust corporate foundation for growth”. The Group will strengthen
and expand its enterprise risk management system and increase corporate value by emphasizing businesspractices that reflect CSR/ESG issues recognized and to be solved by the Group.
Offensive sustainability is “Resolving social issues through business”. In addition to increasing the value of the
Furukawa brand through “marketing-based management” that incorporates CSV perspectives, the Group will
create corporate value and contribute to the creation of social value by developing infrastructure andproviding products, technologies, and services that help to resolve social issues.
In addition to reorganizing CSR Promotion Meeting and renaming it Sustainability Promotion Meeting, newly
established Risk Management Committee, abolish CSR Promotion Department, and newly establishedSustainability Promotion Department as of December 1, 2021.

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With regard to our decarbonization efforts, we believe that reducing CO2 emissions and achieving carbon
neutrality is a matter of course. We will continue to promote the use of energy-saving equipment and newenergy sources, and we will set specific targets and work on them mainly through the newly establishedSustainability Promotion Department.
That is all the explanation for today.
I would like to take this opportunity to thank all of our shareholders and investors for their continued supportof the ever-changing FURUKAWA CO., LTD.
[END]______________
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This document has been translated by SCRIPTS Asia.

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